Bill Text: NY S02547 | 2019-2020 | General Assembly | Introduced
Bill Title: Provides for the financing and construction of facilities for Village of Lake Placid, Inc. by the dormitory authority.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2020-01-08 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS [S02547 Detail]
Download: New_York-2019-S02547-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2547 2019-2020 Regular Sessions IN SENATE January 28, 2019 ___________ Introduced by Sen. LITTLE -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, in relation to providing for the financing and construction of facilities for Village of Lake Plac- id, Inc. The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (b) of subdivision 2 of section 1676 of the 2 public authorities law is amended by adding a new undesignated paragraph 3 to read as follows: 4 Village of Lake Placid, Inc. 5 § 2. Subdivision 1 of section 1680 of the public authorities law is 6 amended by adding a new undesignated paragraph to read as follows: 7 Village of Lake Placid, Inc. 8 § 3. Subdivision 2 of section 1680 of the public authorities law is 9 amended by adding a new paragraph m to read as follows: 10 m. (1) For purposes of this section, the following provisions shall 11 apply to the acquisition, construction, reconstruction, development, 12 improvement, expansion and/or equipping of a facility or facilities, 13 including necessary ancillary and related facilities, and the financing 14 and/or refinancing thereof for the Village of Lake Placid, Inc. 15 (2) Notwithstanding any other provision of law, the Village of Lake 16 Placid, Inc. shall have full power and authority to enter into a lease, 17 sublease or other agreement with the dormitory authority as is necessary 18 or useful in connection with the construction and/or financing and/or 19 refinancing of a facility described in subparagraph one of this para- 20 graph or a municipal facility and any ancillary or related facilities. 21 Such lease, sublease or other agreement may provide for, including with- 22 out limitation, the payment by the village of fees and amounts necessary 23 to pay debt service on any obligations issued by the dormitory authority EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08648-01-9S. 2547 2 1 for the same, and the pledge and assignment by the village to the dormi- 2 tory authority of all or a portion of the revenues derived from such 3 facility or facilities in an amount not less than the amount sufficient 4 to make all payments required to be made by any such village pursuant to 5 any such lease, sublease or other agreement entered into between the 6 village and the dormitory authority. Any such lease, sublease or other 7 agreement entered into pursuant to this paragraph may provide that the 8 provisions thereof shall remain in force and effect until the bonds, 9 notes or other obligations of the dormitory authority are no longer 10 outstanding, together with any unpaid installments of interest and the 11 fees and expenses of the dormitory authority, are fully met and 12 discharged. 13 (3) Any such lease, sublease or other agreement shall not constitute 14 or create indebtedness of the village for purposes of article seven or 15 eight of the state constitution or section 20.00 of the local finance 16 law, shall be deemed executory only to the extent of money appropriated 17 annually therefor by the village and shall not constitute a contractual 18 obligation in excess of the amounts so appropriated. 19 (4) Any such lease, sublease or other agreement entered pursuant to 20 the provisions of this paragraph shall not be deemed to be an install- 21 ment purchase contract, contract for public work or purchase contract 22 within the meaning of article five-A of the general municipal law or any 23 other law. 24 § 4. This act shall take effect immediately.